Sherwin-Williams Foundation and Urban League of Greater Cleveland Partner to Foster Economic Inclusion for Minority-Owned Construction Companies
The Sherwin-Williams Foundation has partnered with the Urban League of Greater Cleveland (ULGC) to develop and launch an innovative new Construction Acceleration Program (CAP) with the goal of driving the growth and long-term success of Northeast Ohio minority-owned businesses.
“The Sherwin-Williams Foundation is pleased to partner with the Urban League of Greater Cleveland have a positive impact on the greater Cleveland community and support the growth of minority-owned businesses by promoting the economic inclusion of minority-owned construction businesses,” said John G. MorikisChairman of the Foundation and Chairman and Chief Executive Officer of The Sherwin-Williams Company (NYSE: SHW).
“The CAP aligns well with our company’s commitment to creating jobs and having a positive impact on the entire Cleveland and Northeast Ohio community, and we are thrilled to be on the ground floor of an instrumental program designed to accelerate the growth of minority-owned construction businesses for many years to come.
Over the next three years, Sherwin-Williams, a global leader in the paint and coatings industry, will make a significant financial commitment by investing a minimum of $600 million in its Building Our Future (BOF) global headquarters and research and design center project, which includes meeting or exceeding robust economic inclusion requirements, according to a press release.
Through the pilot program, officially known as the Construction Acceleration Program powered by Sherwin-Williams, Urban League will provide eligible minority-owned businesses with access to capital, mentorship, training on the Integrated Project Delivery (IPD), construction management best practices and an opportunity to build capacity. The program will also focus on intensive technical and human capital enhancement, allowing participating businesses to qualify for a working capital loan through UBIZ Venture Capital managed by the Urban League Entrepreneurship Center.
“The Urban League is extremely excited to partner with the Sherwin-Williams Foundation on the Accelerate Build program, as it directly supports our economic inclusion goals and unlocks opportunity and access that will help reduce the historical barriers that minority-owned businesses face in the construction industry. and at all levels,” said Marsha MockabeePresident and CEO of the ULGC.
The Construction Acceleration Program targets MBE-certified businesses in the construction industry that are in the growth or expansion stage, in business for at least three years, and that meet a predetermined minimum annual revenue threshold, in plus other criteria.
Participating business owners will complete ULGC’s UBIZ Acceleration Program, helping to transform their infrastructure and business operations for success and sustainable growth. Upon completion of the program, CAP program graduates will be eligible to apply for the Capital Access and Credit Enhancement Plan, a working capital loan through UBIZ Venture Capital or its investment partners.
“Cleveland needs programs that ensure employment opportunities for its residents, as well as growth opportunities for its minority and women-owned businesses,” commented Tyson Mitchellrecently appointed Director of the Office of Equal Opportunity (OEO) for the City of Cleveland.
“We congratulate the Sherwin-Williams Foundation and ULGC for joining forces to establish this new program. Their joint initiative is strongly aligned with the mission of the City and the OPA, and we are encouraged by the labor pool CAP is creating for the projects of today and tomorrow.
The CAP is designed to incorporate strategies that will strengthen, accelerate and position companies for next-level engagement in construction projects.
For CAP registration information, prospective applicants should email [email protected]
Details about the Building Our Future project, including the company’s commitment to inclusion, diversity and equity, as well as its community engagement process and Our Community video profiles, are available on the Building Our Future website.
For more information on the Urban League of Greater Clevelandvisit ulcleveland.org.